The Federal Reserve System And The Banks Classic Reprint

Author : Charles N. Fowler
Publisher : Forgotten Books
ISBN 13 : 9781333546274
Total Pages : 94 pages
Book Rating : 4.5/5 (462 download)

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Download or read book The United States Reserve Bank written by Charles N. Fowler and published by Forgotten Books. This book was released on 2016-09-10 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The United States Reserve Bank: The Fundamental Defects of the Federal Reserve System Exposed and the Necessary Remedy In 1913 the Democratic party came into power and took possession of every department of the Government. It was greatly to its credit that, in a patriotic and cou rageous way, it immediately set about the passage of a general financial and banking law. Unfortunately, however, for true bank reform, Hon. William J. Bryan was then Secretary of State, and completely controlled the Democratic majorities in both houses of Congress. It is a matter of well-known history, that Mr. Bryan inspired, directed and dictated the fundamental or underlying principles of the Federal Reserve Act. Through his following he literally compel led Congress, in utter defiance of the objections and vigorous protests of the Gold Democrats, to make The Federal Reserve Notes primarily United States Notes, or Greenbacks, each note bearing these words: The United States of America will pay to the bearer on demand dollars. This is one of the fatal features or defects of The Federal Reserve Act. Nearly every State in the Union has passed a law authorizing its State banks to hold Federal Reserve Notes as reserves. Indeed, all State Banks, more than of them, do hold Federal Reserve Notes as re serves. And why not? The Federal Reserve Notes are United States Notes, with the guarantee of the Federal Reserve Banks; and the of United States Notes that were outstanding at the time of the passage of the Federal Reserve Act have been lawful reserves for banks since 1862 - legal tender. The gold reserve back of the $346, Greenbacks or United States, Notes is a 43% reserve. The law requires only a 40% gold reserve back of the Federal Reserve Notes. The United States Notes or Green backs which are legal tender bear these words: The United States will pay to bearer - dollars. These United States Notes are neither made payable on demand nor are they guaranteed by any strong financial institution, as the Federal Reserve Notes are. By a parity of reasoning, therefore, can not any one show beyond a peradventure of doubt that the Federal Reserve Notes should be made lawful reserves for our banks - legal tender? About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.